This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both an ester and an aldehyde functional group, makes it versatile for constructing complex molecules. It is often employed in the synthesis of heterocyclic compounds, which are crucial in drug development. Additionally, it serves as a building block in the preparation of ligands for catalysis and in the creation of biologically active molecules. Its reactive aldehyde group allows for further functionalization, enabling the development of compounds with potential applications in medicinal chemistry and material science.